Peter Tuchman
speaker
483 appearances
9 recordings
1 series
first heard Dec 2024
last heard Apr 2025
Peter Tuchman’s voice in public audio — every appearance, attributed to the second.
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Appearances
That's a little rare and involves setting a bill and writing a check and reevaluating what that fee may be every year or two based on the complexity. But that's also an option at some firms.
That's right. So as a creative planning, for example, if somebody's got $500,000, they might pay around 1%, but if they've got $2 million, they're going to pay 0.9 or something like that. The fee goes down as the account goes up. The more dollars you have, the smaller the percentage that's charged at most places.
The dollar amount goes up. That's right. Yeah.
There's layers of fees. So the first thing you want to do as you look for an advisor is go, what are all of the fees? So there's fees in the portfolio. So you might buy stocks, ETFs, mutual funds, bond funds, private investments. They all have their own fees. So that's one layer you want to look at. There's a very wide variance there. In the public markets, your fee could go anywhere from zero to
very quickly, 1.5, 1.6%. You want to be on the lower end of that. In the money management world, you can have fees that go, depending on how big the account is, from 1.2% down to 0.25%. But there are a lot of firms that charge more than that. I think that's just too much in today's world. If you've got an advisor that's charging one and a half or even 1.3, 1.4, it's just too much.
And go look for some other option.
I think we were probably the first firm in the country to put all of this wealth management in one place at scale, being able to give legal advice, tax advice, investments, planning, all under one roof. So client comes in, we're able to solve a lot of problems for them, simplify their life, get them on the right track, account for all these different things.
And I think the second part is the investment approach. We've been doing it a certain way for decades and the market's really moved in that direction. We're very focused on the after-fee, after-tax return that our clients get, and really tying their portfolio to their specific situation.
We know how much money you need and when you need it, and we're going to optimize everything to the best we can to make sure it has the highest chance of getting where you want to be when you need it.
And I think that approach of needs-based investing, instead of focusing on someone's age or their risk tolerance, really figuring out what do you need and when do you need it and tying things together that way, it's gone a long way.
Great to be with you again.
Great to be back.
Everyone here is very excited, Nicole, to have you as part of it. You've been an amazing follow. And so it's great to have you in our ecosystem.
I think that the thing with all New Year's resolutions, especially money ones, is that everyone gets motivated and motivation only gets you so far. Motivation is like just getting the engine started, but it's totally different to keep going and the real way to win isn't motivation, it's the consistency and persistency.
So the things you can do to put that on your side are to make things automatic because inertia is a pretty powerful force. Netflix knows this, the iPhone knows this, the second that we sign up for something, we're probably gonna stay in it forever. So if you're saying, hey, I'm going to save more going into the new year,
Instead of saying, okay, going forward, I'm going to start putting money in my investments, make it automatic. Just do one thing, get motivated enough to have $100 or $1,000, whatever it is, go from your paycheck into an investment account, every paycheck. And when it automatically happens, that will give you the consistency to succeed.
If you don't automate it, the probability you're going to stick with it is going to be pretty low.
You have to reverse engineer it. If the goal is to become a millionaire, then you start to back into how much has to be put away to do that. If you're younger, it could be a much smaller amount because you have the biggest advantage any investor has, which is time. If let's see that your math says you've got to save $500 a month to get where you want to go.
If that's over the next 20 years, you may not have to do 500 a month today, right? It could be a smaller amount today. And as your income grows, make it bigger. So we don't have to start really big. We just have to start now and we have to have it be repeatable. And then we can adjust as time goes on.
I think it's human nature. So market timing, like you said, predicting highs and lows. A lot of people think I don't market time because I don't put my money in the market and then take my money out of the market. Some people do that. I saw people when President Obama was elected, they went to cash their market timing.
Showing 141–160 of 483 · page 8 of 25
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